Russia has experienced an 8% increase in internet traffic to major cryptocurrency exchanges, driven by Bitcoin's price surge and new crypto mining regulations, according to data from telecom giant MegaFon.

Crypto Exchange Traffic on the Rise

Sharp increase linked to Bitcoin rally
In early November, Russian internet traffic to crypto exchanges rose by 8%, reflecting a global trend of 8%–10% growth across the top 20 exchanges. Russian users contributed roughly 27% to 30% of total traffic, fueled by Bitcoin’s 45% climb from $68,000 to $99,000 during the month.

Platforms Experiencing the Highest Gains

Deribit leads traffic growth among exchanges
MegaFon highlighted Deribit’s standout performance, with a 126% increase in Russian visits in early November. Other platforms, such as HTX (formerly Huobi) and KuCoin, also saw significant growth, reporting traffic increases of 24% and 23%, respectively.

However, not all exchanges benefited. Gate.io reported a 26% drop in traffic, while Upbit and Kraken experienced declines of 6% and 4%, respectively.

Impact of Russia’s New Crypto Mining Laws

Regulatory changes spur market interest
The surge in crypto traffic coincides with the implementation of Russia’s new crypto mining law on November 1. This legislation restricts mining to registered entrepreneurs and organizations, capping non-entrepreneurial miners at 6,000 kWh of electricity per month.

Additional mining restrictions, set to begin on December 1, will temporarily ban mining in certain regions until March 2025 due to electricity shortages.

Global Implications of Rising Traffic

A reflection of broader crypto trends
The increase in Russian traffic aligns with global patterns, where rising Bitcoin prices and enhanced regulatory frameworks drive renewed interest in cryptocurrency. This surge underscores the growing adoption of digital assets despite localized challenges.

Future Outlook for Russia’s Crypto Market

Balancing growth and regulation
As Bitcoin continues its bullish momentum, Russia’s evolving regulatory landscape may shape how individuals and businesses engage with cryptocurrency. The rise in exchange traffic highlights the market's resilience and potential for growth, even amid stricter controls.